What does Pending or Conditionally Sold Mean?

One of the more common questions we receive from our buyers is "What does Pending mean?" or "What does Conditionally Sold mean?"

In Calgary Real Estate, "Pending" means that an offer has been accepted on the property, but it is conditional to certain terms. These terms are oftentimes things like securing financing, doing a property inspection, or in the case of a condominium; reviewing condominium documents. 

About 98% of homes that are conditionally sold will waive their conditions, and then become a firm sale.

Another question we get is "what if we were to write an offer for more money, could we buy the property even though it is already pending?"  Unfortunately the answer to this question is no, unless the conditions are not waived, and the property goes back on the market.  This is because the sellers have already entered into a contract and accepted the price and terms of the current pending sale.

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